If a stock's returns follow a random walk pattern, then one should expect to calculate a statistically insignificant autocorrelation coefficient, calculated between each successive day's stock returns.

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If returns follow a random walk, then they should be independent and have a mean of zero. This means that there should be no correlation between each day's returns, resulting in a statistically insignificant autocorrelation coefficient.

If a Stock's Returns Follow a Random Walk Pattern, Then